Minsheng Bank to Sell Haitong Stake

SHANGHAI -- China Minsheng Banking Corp. said Friday it will sell its 3.3% stake in Haitong Securities Co. at an auction this month, after cutting the floor price by 37%.

The midsize bank originally planned to sell its 134.4 million Haitong Securities shares on May 23, but a high floor price of around 4.97 billion yuan (US$719.7 million) deterred potential bidders, a person familiar with the situation said last month.